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Interesting, thanks for the history! I personally qualified for/lived in an affordable housing unit for a few years right after college. The income limit for a
by scrose 6y ago
Interesting, thanks for the history! I personally qualified for/lived in an affordable housing unit for a few years right after college. The income limit for a single person was 95k at the time
What I find interesting about many of these units is how the net effective rent is still typically 40x annual income for people in that bracket. If I hadn’t switched jobs and gotten some significant raises in the process, much of my salary would have still been going to housing in an ‘affordable’ unit.
- kevindong 6y agoThe rent is specifically chosen to be 30% of gross annual income which works out to be exactly that magical 40x ratio that's typically used in NYC rental qualification.